The Relationship between Dividend Policy and Shareholder’s Wealth (A Case Stu...IOSRJBM
This research is about the relationship between dividend policy and shareholder’s wealth from 37 mining companies listed in Indonesia Stock Exchange (IDX) from 2011 to 2013. Independent variable which is used in this research are dividend policy and profitability. Dividend policy is measured as dividend per share (DPS) and profitability is measured as Return On Equity (ROE). Dependent variable which is used in this research is shareholder’s wealth. Shareholders’ wealth is measured as Market Price Per Share (MPPS). Investment opportunity which is measured as fixed asset growth, is used as moderating variable which can strengthen the relationship between independent and dependent variable. The result of this research proves that dividend policy has significant influence to shareholder’s wealth, while investment opportunity, as a moderating variable, is proven to strengthen the relationship between dividend policy and shareholder’s wealth.
CÔNG TY CỔ PHẦN CÔNG NGHỆ TIME TRUE LIFE
57 - 59 Hồ Tùng Mậu, Phường Bến Nghé, Quận 1, HCM
Email: long.npb@ttlcorp.vn - Điện thoại: 08.71080888- 08.73080888
Hotline: 0986883886 - 0905710588
IP PBX | Call Center | Network | Contact Center | Hotline 1800 - 1900 | Hosted PBX | IP Centrex | Video Conference
The Relationship between Dividend Policy and Shareholder’s Wealth (A Case Stu...IOSRJBM
This research is about the relationship between dividend policy and shareholder’s wealth from 37 mining companies listed in Indonesia Stock Exchange (IDX) from 2011 to 2013. Independent variable which is used in this research are dividend policy and profitability. Dividend policy is measured as dividend per share (DPS) and profitability is measured as Return On Equity (ROE). Dependent variable which is used in this research is shareholder’s wealth. Shareholders’ wealth is measured as Market Price Per Share (MPPS). Investment opportunity which is measured as fixed asset growth, is used as moderating variable which can strengthen the relationship between independent and dependent variable. The result of this research proves that dividend policy has significant influence to shareholder’s wealth, while investment opportunity, as a moderating variable, is proven to strengthen the relationship between dividend policy and shareholder’s wealth.
CÔNG TY CỔ PHẦN CÔNG NGHỆ TIME TRUE LIFE
57 - 59 Hồ Tùng Mậu, Phường Bến Nghé, Quận 1, HCM
Email: long.npb@ttlcorp.vn - Điện thoại: 08.71080888- 08.73080888
Hotline: 0986883886 - 0905710588
IP PBX | Call Center | Network | Contact Center | Hotline 1800 - 1900 | Hosted PBX | IP Centrex | Video Conference
EFFECT OF COMPANY SIZE, PROFITABILITY AND CAPITAL STRUCTURE ON FIRM VALUE IN ...AJHSSR Journal
ABSTRACT : Rated companies are certain conditions that have achieved by a company as an illustration of
public trust in the company after going through a process of activities for several years, from the time the
company was founded until now. Firm value is often associated with stock prices. The highest share price makes
the value of the company will also be high. This study aims to examine the effect of company size, profitability,
and capital structure on Firm value. This research was conducted on the Indonesia Stock Exchange (IDX) in
year 2019. The number of samples used in the study were413 companies, which were taken using a purposive
sampling method with several predetermined criteria. The data analysis technique used is multiple linear
regression. The results of this study indicate that company size, profitability, and capital structure have a
significant effect on Firm value. Partially, company size and profitability have a positive and significant effect
on firm value with a significance value of 0.00 each. While the capital structure does not affect the value of the
company indicated by the significance value of 0.54.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
Idiosyncratic Effect of Corporate Solvency Management Strategies on Corporate...IOSR Journals
The study identifies and evaluates the association among corporate solvency management strategies and the corporate performance valuation in Chemical industry of Pakistan. The study uses purposive sampling or judgmental sampling for selecting 30 sample companies from the sector; covering 10 years financial statements data ranging from year 2002 to 2011. Balanced panel data is taken for the purpose of study. Levin, Lin & Chu test is used to check the stationarity of data whereas White Test is used to check the heteroskedasticity of data. Panel Least square technique with fixed effects is used to generalize the relationship between studied variables. The study observed that the performance of the chemical sector in terms of market to book value is affected by internal firm and industry specific factors related to solvency management strategic decisions. Findings of the study provide with the overview of historic performance and the potential performance of the selected sector to help policy makers including finance, economics and industry experts for creating value through the idiosyncratic resources.
Effect of Dividend Policy on Value Creation for Shareholders of Companies Lis...iosrjce
Several theories have been documented on the relevance and irrelevance of dividend policy. Many
authors continue to come up with different findings from their studies on the relevance of dividend policy. A
company’s management is dealing with competing interests of various shareholders, the kind of dividend policy
they adopt may have either positive or negative effects on the share prices of the company. The effect of a firm’s
dividend policy on the current price of its shares is a matter of considerable importance, not only to
management, who must set the policy, but also to investors planning portfolios and to economists seeking to
understand and appraise the functioning of the capital market. It is on this basis that the study sought to
establish the effect of dividend policy on value creation for shareholders of companies listed in the Nairobi
Securities Exchange. The objectives of the study were to establish the effect of dividend announcement on value
creation for shareholders of companies listed in Nairobi Securities Exchange, to establish the effect of dividend
payout on value creation for shareholders of companies listed in Nairobi Securities Exchange, to determine how
tax incentives influence value creation for shareholders of companies listed in Nairobi Securities Exchange and
to identify how free cash flows influence value creation for shareholders of companies listed in theNairobi
Securities Exchange. A questionnaire was used to collect primary data from the Finance Managers of the public
companies. The data wasanalysed using Regression Analysis, and descriptive statistics through the use of SPSS.
The findings indicated that all the variables contributed positively to value creation of shareholders of
companies listed in the NSE
Abstract:- This study aims to determine the effect of Good Corporate Governance mechanism and Financial Performance on firm value in banking companies. The method used in this research is research method of descriptive associative. The analytical tool used is multiple linear regressions, processed by using SPSS program version 23. The results obtained are partially there is a negative influence of Good Corporate Governance mechanism (independent board of commissioner, institutional ownership, and audit committee) on the value of the company and there is positive influence profitability (ROE) on firm value. While simultaneously, there is influence together mechanism of Good Corporate Governance and profitability to company value. The suggestion is that companies should consider the implementation of Good Corporate Governance and to measure the company's financial performance can use other measurements such as ROA and NPM. While to measure the company's value can also use other measurements such as Price Earnings Ratio (PER) or Tobin's Q.
Impact of Firm Specific Factors on Capital Structure Decision: An Empirical S...Waqas Tariq
Abstract This study attempts to explore the impact of firm specific factors on capital structure decision for a sample of 39-firm listed on Dhaka Stock Exchange (DSE) during 2003-2007. To achieve the objectives, this study tests a null hypothesis that none of the firm’s specific factors namely profitability, tangibility, non-debt tax shield, growth opportunities, liquidity, earnings volatility, size, dividend payment, managerial ownership, and industry classification has significant impact on leverage using estimate of fixed effect model under Ordinary Least Square (OLS) regression. Checking multicollinearity and estimating regression analysis through Pearson correlation and autoregressive mode respectively this study found that profitability, tangibility, liquidity, and managerial ownership have significant and negative impact on leverage. Positive and significant impact of growth opportunity and non-debt tax shield on leverage has been found in this study. On the other hand size, earnings volatility, and dividend payment were not found to be significant explanatory variables of leverage. Results also reveal that total debt to total assets ratios are significantly different across Bangladeshi industries. Keywords: Capital structure, Leverage, Firm’s specific factors, Dhaka Stock Exchange Bangladesh.
The major objective of any firm is to maximize the shareholders wealth. This is evidence through dividend yield and payout ratio and this encapsulate into the dividend policy of a company. The research purpose aimed at examining the influence that dividend policy has on the volatility of share prices among the listed insurance corporations in Kenya. Research design, approach and method: Data was collected from listed insurance corporations over a 10-year period with a total of 49 data points. The Pearson correlation and ordinary regression analysis were employed. The results reveal the existence of a positive link among the study variables. The correlations were found to be substantial at ninety-five percent confidence level. It is worth noting that the model summary shows forty-three-point one percent of changes in the volatility of stock price are explicated by dividend yield and payout ratio. ANOVA statistics which examines whether the analytical model as set out in the study explains variations in the dependent variable concluded that the model is analytically substantial. The outcome revealed a statistically significant positive link between stock price variations and the ratio of dividend payout. Research also established a statistically substantial negative interrelation between volatility of stock prices and dividend return. Results therefore recommend that companies should have dividend policies which are mapped to shareholders wealth maximization objective. The study suggests further studies be undertaken to determine whether there exists an analytically substantial difference between the dividend policies of various sectors in the economy.
This paper scrutinizes Determinants of Capital Structure: A study on some selected corporate firms in Bangladesh. We have taken 10 out of 37 listed companies of DSE dividing into two sectors i.e. Pharmaceuticals and chemicals and Tannery sector, five years data from 2013 to 2017 has been collected from respective annual reports. Total number of observations was 50. There are different factors that affect a firm's capital structure decision. We use leverage (D/E ratio) as dependent variable and independent variables are profitability, tangibility, tax, size, growth, non-debt tax shield (NDTS) and financial costs. By using Descriptive Statistical Analysis, Correlation Analysis and Regression Analysis tools we find that Tangibility, size, NDTS, and financial costs are positively related with leverage and Profitability, tax, and growth are negatively related with leverage. In our analysis we see profitability, tangibility of asset, growth and non-debt tax shield have significant association. So when we take capital structure decision of the above firms we should consider profitability, tangibility of asset, growth and non-debt tax shield because other independent variables are insignificant in the context of Bangladesh economy.
This paper proposed and tested the theoretical as well as the hypothesised model that
attempts to confirm whether the relevance of the practice of good corporate governance
influence corporate performance by adopting Return on Assets(ROA), Return on Capital
Employed(ROCE) or Economic Value Added(EVA) reporting which is important for
investment decision making and internal governance. The result of the study provided
important implications necessitating establishing the fact that the various corporate
governance mechanisms viz., board structure and activity, audit committee, shareholders’
rights, remuneration committee, nomination committee and disclosure practices influences the
economic value added for consistent internal governance and value creation for the Indian
companies. The implication of the study hinges upon how to achieve the above mentioned
priorities which is contributory to the advancement of knowledge and as a forethought
exploration in the area of corporate governance. The study shall enable the professional
bodies and Indian corporates to make considerable progress in raising awareness of the value
of good corporate governance by way of establishing relationship between corporate
governance and economic value added, an superior performance metric of reporting the
shareholder’s value creation.
EFFECT OF COMPANY SIZE, PROFITABILITY AND CAPITAL STRUCTURE ON FIRM VALUE IN ...AJHSSR Journal
ABSTRACT : Rated companies are certain conditions that have achieved by a company as an illustration of
public trust in the company after going through a process of activities for several years, from the time the
company was founded until now. Firm value is often associated with stock prices. The highest share price makes
the value of the company will also be high. This study aims to examine the effect of company size, profitability,
and capital structure on Firm value. This research was conducted on the Indonesia Stock Exchange (IDX) in
year 2019. The number of samples used in the study were413 companies, which were taken using a purposive
sampling method with several predetermined criteria. The data analysis technique used is multiple linear
regression. The results of this study indicate that company size, profitability, and capital structure have a
significant effect on Firm value. Partially, company size and profitability have a positive and significant effect
on firm value with a significance value of 0.00 each. While the capital structure does not affect the value of the
company indicated by the significance value of 0.54.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
Idiosyncratic Effect of Corporate Solvency Management Strategies on Corporate...IOSR Journals
The study identifies and evaluates the association among corporate solvency management strategies and the corporate performance valuation in Chemical industry of Pakistan. The study uses purposive sampling or judgmental sampling for selecting 30 sample companies from the sector; covering 10 years financial statements data ranging from year 2002 to 2011. Balanced panel data is taken for the purpose of study. Levin, Lin & Chu test is used to check the stationarity of data whereas White Test is used to check the heteroskedasticity of data. Panel Least square technique with fixed effects is used to generalize the relationship between studied variables. The study observed that the performance of the chemical sector in terms of market to book value is affected by internal firm and industry specific factors related to solvency management strategic decisions. Findings of the study provide with the overview of historic performance and the potential performance of the selected sector to help policy makers including finance, economics and industry experts for creating value through the idiosyncratic resources.
Effect of Dividend Policy on Value Creation for Shareholders of Companies Lis...iosrjce
Several theories have been documented on the relevance and irrelevance of dividend policy. Many
authors continue to come up with different findings from their studies on the relevance of dividend policy. A
company’s management is dealing with competing interests of various shareholders, the kind of dividend policy
they adopt may have either positive or negative effects on the share prices of the company. The effect of a firm’s
dividend policy on the current price of its shares is a matter of considerable importance, not only to
management, who must set the policy, but also to investors planning portfolios and to economists seeking to
understand and appraise the functioning of the capital market. It is on this basis that the study sought to
establish the effect of dividend policy on value creation for shareholders of companies listed in the Nairobi
Securities Exchange. The objectives of the study were to establish the effect of dividend announcement on value
creation for shareholders of companies listed in Nairobi Securities Exchange, to establish the effect of dividend
payout on value creation for shareholders of companies listed in Nairobi Securities Exchange, to determine how
tax incentives influence value creation for shareholders of companies listed in Nairobi Securities Exchange and
to identify how free cash flows influence value creation for shareholders of companies listed in theNairobi
Securities Exchange. A questionnaire was used to collect primary data from the Finance Managers of the public
companies. The data wasanalysed using Regression Analysis, and descriptive statistics through the use of SPSS.
The findings indicated that all the variables contributed positively to value creation of shareholders of
companies listed in the NSE
Abstract:- This study aims to determine the effect of Good Corporate Governance mechanism and Financial Performance on firm value in banking companies. The method used in this research is research method of descriptive associative. The analytical tool used is multiple linear regressions, processed by using SPSS program version 23. The results obtained are partially there is a negative influence of Good Corporate Governance mechanism (independent board of commissioner, institutional ownership, and audit committee) on the value of the company and there is positive influence profitability (ROE) on firm value. While simultaneously, there is influence together mechanism of Good Corporate Governance and profitability to company value. The suggestion is that companies should consider the implementation of Good Corporate Governance and to measure the company's financial performance can use other measurements such as ROA and NPM. While to measure the company's value can also use other measurements such as Price Earnings Ratio (PER) or Tobin's Q.
Impact of Firm Specific Factors on Capital Structure Decision: An Empirical S...Waqas Tariq
Abstract This study attempts to explore the impact of firm specific factors on capital structure decision for a sample of 39-firm listed on Dhaka Stock Exchange (DSE) during 2003-2007. To achieve the objectives, this study tests a null hypothesis that none of the firm’s specific factors namely profitability, tangibility, non-debt tax shield, growth opportunities, liquidity, earnings volatility, size, dividend payment, managerial ownership, and industry classification has significant impact on leverage using estimate of fixed effect model under Ordinary Least Square (OLS) regression. Checking multicollinearity and estimating regression analysis through Pearson correlation and autoregressive mode respectively this study found that profitability, tangibility, liquidity, and managerial ownership have significant and negative impact on leverage. Positive and significant impact of growth opportunity and non-debt tax shield on leverage has been found in this study. On the other hand size, earnings volatility, and dividend payment were not found to be significant explanatory variables of leverage. Results also reveal that total debt to total assets ratios are significantly different across Bangladeshi industries. Keywords: Capital structure, Leverage, Firm’s specific factors, Dhaka Stock Exchange Bangladesh.
The major objective of any firm is to maximize the shareholders wealth. This is evidence through dividend yield and payout ratio and this encapsulate into the dividend policy of a company. The research purpose aimed at examining the influence that dividend policy has on the volatility of share prices among the listed insurance corporations in Kenya. Research design, approach and method: Data was collected from listed insurance corporations over a 10-year period with a total of 49 data points. The Pearson correlation and ordinary regression analysis were employed. The results reveal the existence of a positive link among the study variables. The correlations were found to be substantial at ninety-five percent confidence level. It is worth noting that the model summary shows forty-three-point one percent of changes in the volatility of stock price are explicated by dividend yield and payout ratio. ANOVA statistics which examines whether the analytical model as set out in the study explains variations in the dependent variable concluded that the model is analytically substantial. The outcome revealed a statistically significant positive link between stock price variations and the ratio of dividend payout. Research also established a statistically substantial negative interrelation between volatility of stock prices and dividend return. Results therefore recommend that companies should have dividend policies which are mapped to shareholders wealth maximization objective. The study suggests further studies be undertaken to determine whether there exists an analytically substantial difference between the dividend policies of various sectors in the economy.
This paper scrutinizes Determinants of Capital Structure: A study on some selected corporate firms in Bangladesh. We have taken 10 out of 37 listed companies of DSE dividing into two sectors i.e. Pharmaceuticals and chemicals and Tannery sector, five years data from 2013 to 2017 has been collected from respective annual reports. Total number of observations was 50. There are different factors that affect a firm's capital structure decision. We use leverage (D/E ratio) as dependent variable and independent variables are profitability, tangibility, tax, size, growth, non-debt tax shield (NDTS) and financial costs. By using Descriptive Statistical Analysis, Correlation Analysis and Regression Analysis tools we find that Tangibility, size, NDTS, and financial costs are positively related with leverage and Profitability, tax, and growth are negatively related with leverage. In our analysis we see profitability, tangibility of asset, growth and non-debt tax shield have significant association. So when we take capital structure decision of the above firms we should consider profitability, tangibility of asset, growth and non-debt tax shield because other independent variables are insignificant in the context of Bangladesh economy.
This paper proposed and tested the theoretical as well as the hypothesised model that
attempts to confirm whether the relevance of the practice of good corporate governance
influence corporate performance by adopting Return on Assets(ROA), Return on Capital
Employed(ROCE) or Economic Value Added(EVA) reporting which is important for
investment decision making and internal governance. The result of the study provided
important implications necessitating establishing the fact that the various corporate
governance mechanisms viz., board structure and activity, audit committee, shareholders’
rights, remuneration committee, nomination committee and disclosure practices influences the
economic value added for consistent internal governance and value creation for the Indian
companies. The implication of the study hinges upon how to achieve the above mentioned
priorities which is contributory to the advancement of knowledge and as a forethought
exploration in the area of corporate governance. The study shall enable the professional
bodies and Indian corporates to make considerable progress in raising awareness of the value
of good corporate governance by way of establishing relationship between corporate
governance and economic value added, an superior performance metric of reporting the
shareholder’s value creation.
IPR Marketing | Sondaggio unioni civili e avvisi di garanzia | TG3IPR Marketing
Sondaggio IPR Marketing per TG3. Italiani favorevoli alle unioni civili, i sindaci indagati si devono dimettere subito.
La maggioranza degli italiani (60%) a favore della legge sulle unioni civili.
Contrari all’obiezione di coscienza da parte di sindaci ostili alla legge il 55% degli elettori; maggioranza giustizialista in caso di avviso di garanzia: per il 56% degli italiani in caso di avviso di garanzia, un politico deve dimettersi in ogni caso.
Lo scorso 10 ottobre si è tenuto presso il Politecnico di Torino l'SQL Saturday #454.
Per noi di SolidQ c'era Davide Mauri che, in quanto Microsoft SQL Server MVP, ha tenuto una sessione su Azure Machine Learning.
Ecco la presentazione in 23 slides.
Dividend policy is said to be one of the crucial decision
in corporate finance management from past decades as
decision of dividend is linked with the financial
management objective of wealth maximization and profit
maximization it is always crucial decision. Which should
be given preference wealth maximization or optimum
capital structure? Wealth maximization is said to be
financial management practice which focus on increasing
the net worth of a company or firm so that return for
shareholders can be maximize. No universal consent has
yet come out after several decades of study. There are
theories and studies which have contributed to decide
amount of dividend. Some theories says that there is
relation between dividend decision and value of
firm(relevance theory) and some says there is no such
association(irrelevance theory).There are conflicting
viewpoint as far as the impact of dividend decision on the
value of the firm is considered. The objectives of this
research are firstly, to define the concept and scope of
dividend policy and secondly, to study the irrelevance
theory/ (Modigliani-Miller Model) of dividend policy and
relation between dividend policy approach and market
share prices. Secondary data has been taken for
research. The CNX Dividend Opportunities Index is
considered as Universe. The study is sourced by critical
and creative analysis (literature review) of research
papers and Case Study Method. There are not significant
fluctuations in share prices after declaration of dividend.
Sometimes these fluctuations are associated but not
positive always and there are other factors which
influence share prices. It will facilitate the organizations
to identify with the behavioral aspect of shareholders
which they can use to add value which move towards the
way to wealth maximization as well as profit
maximization.
A Study Of Dividend Policy And Its Effect On Market Value Of Shares Of Select...iosrjce
Dividend policy is a strategy used by a company to determine the amount and timing of dividend
payments. The dividend policy framed by an organization is one of the crucial issues in corporate finance since
it may have an impact on the firm’s value and shareholder wealth. The research study is an attempt to analyze
the effect of dividend policy on shareholder wealth of thirty selected Indian banks listed and traded in Bombay
Stock Exchange (BSE).For the purpose of study the financial data from the period 2003-04 to 2012-13 of
selected Indian banks (15 Public and 15 Private) would be used. The data would be analyzed using statistical
tools like multiple regression technique, t test, the coefficient of determination (R2) and F-Value. The results of
the data analysis might reveal that that there is a significant effect of dividend policy on the share price of
selected Indian Banks. The study is limited to a time period of 10 years and only selected Indian Banks. The
result might change if the time period and number of banks are extended.
This study examines the underlying components that determine the dividend policy statement of corporations in Nigeria. The study purposively select ninety-four (94) corporations out of the universe of companies listed in the Nigerian Stock Exchange. Financial ratios were extracted and computed from published annual audited financial reports spanning 2007 to 2017. This was informed by the ex-post facto research design adopted to observe key indicators of these corporations in retrospect. The panel regression analysis was used to explain the numerical phenomenon collated. The Durbin-Wu-Hausman specification test found the fixed effect model to be more suitable. The empirical results indicate that financial leverage has a significant negative impact on dividend payout; liquidity has an insignificant positive impact on dividend payout policy; profitability has an insignificant positive impact on dividend payout decision; and company size has a significant positive impact on dividend payout dicision. The study concluses that liquidity, profitability and company size are the determinants of the dividend policy of corporations in Nigeria. More specifically, company size was found to be a major determinant to the dividend policy statement of corporations in Nigeria. The study suggests that, corporations should sustain their liquid positions, asset base and profit levels at all times to meet the universe of desires of their shareholders.
This article is about analysis of if corporate change their divide.docxchristalgrieg
This article is about analysis of if corporate change their dividend policy during the global financial crisis during 2007 to 2008 and using the lifecycle model of dividend by DeAngelo et al. (2006). It is true that dividend payouts will be affected due to a company profits, this article looks a further step into if the magnitude of the drop is justifiable by the company financial status or is there a dividend policy due to cash management changes and company viability factors.
The assumption is that 2006 was the base year taken till 2009. A timeline of 4 years sample was used. The author gathered, compared various models and data.
Corporate dividend policy did shift during the global financial crisis, the 3 different type of shift are mainly dividend cut, no dividend payout and dividend initiation is significantly lower during the sample period. There are several factors that affects the probabilities of a company dividend change, mainly cash ratio, firm size, profit growth rate , capital ratio. A big company with a high cash ratio has a lower possibility of dividend policy change compared to a small company with low cash ratio. The author has felt that DDS life cycle should include significant macroeconomic events as it has a significant impact.
This article is about investor’s sentiment and market reaction to dividend news in a European perspective. Three markets were studied in this case, which is UK, France and Portugal. There is a theory that suggest that is based on the market with asymmetric information, insiders whom had the upper-hand uses the dividend policy as a form of signal to convey their firm’s performance to less informed investors from outside the firm. Which means that with dividend increase it signals a good performance, and decrease meaning that the firm is not profiting.
The analysis concluded that market reaction to news about dividend change depends on investors’ sentiments during investment decision process.
The findings show the results as follows. In the UK market, when sentiment is increased, the market reaction is more sensitive to dividend increase and less sensitive to dividend decrease when the sentiment is increased for French market.
As for the French market, the market reactions are more sensitive to dividend decrease announcement for smaller companies.
The smaller firms are more sentimental about market’s reaction to news about dividend change in the UK market.
And firms with big growth or in distress are more sentimental about market’s reaction to news about dividend decreases in the UK and French market.
Determinants of dividend policies for ADR firms
Extensive research was conducted regarding three theories (lifecycle theory, signaling theory, catering theory) for explaining dividend policies. Among them, many researchers have supported lifecycle theory as the better recognized theory in explaining observed corporate cash dividend policies. The lifecycle theory states that established firms ...
THE EFFECT OF PROFITABILITY, FIRM SIZE, LEVERAGE AND FIRM VALUE ON INCOME SMO...AJHSSR Journal
ABSTRACT : The purpose of this study was to obtain empirical evidence of the influence of profitability,
firm size, leverage and firm value on income smoothing. The number of research samples was 21 companies for
five years with a total of 126 observations. The sample collection method uses a purposive sampling technique.
The data analysis technique used in this study is logistic regression analysis. Based on the results of the analysis
it was found that profitability, firm size, leverage, and firm value have a positive effect on income-smoothing
practices. This study provides additional information about the effect of profitability, firm size, leverage, and
firm value on income smoothing practices on the IDX, especially the LQ45 index.
KEYWORDS: income smoothing, profitability, firm size, leverage, firm value.
Impact of Corporate Governance on Firms’ Financial Performance: Textile Secto...inventionjournals
Purpose: The basic standard of this article is to find out the outcome of corporate governance on firm’s profitability in textile sector of listed companies in Pakistan. Methodology: The data are collected from respective textile sector annual reports from 2005 to 2014.The results of different variables arise by using different techniques like descriptive, correlation and regression in using software of E-views in this study. Findings: These results of study explain that corporate governance and firm’s financial performance shows positive relationship between each other. This indicates that in textile sectors adopting corporate governance and plays a significant role in textile sectors. Research limitations: This study restricts by fewer digit of determinantslinked corporategovernance and data gathered from 2005 to 2014 were addressed, which restrictions the overview of the result. Further research can be conduct by using more variables and more years for finding more in future. Originality: This study shows that the firm’s performance has increased by using corporate governance in textile sector firms.
Impact of Corporate Governance on Firms’ Financial Performance: Textile Secto...inventionjournals
Purpose: The basic standard of this article is to find out the outcome of corporate governance on firm’s profitability in textile sector of listed companies in Pakistan. Methodology: The data are collected from respective textile sector annual reports from 2005 to 2014.The results of different variables arise by using different techniques like descriptive, correlation and regression in using software of E-views in this study. Findings: These results of study explain that corporate governance and firm’s financial performance shows positive relationship between each other. This indicates that in textile sectors adopting corporate governance and plays a significant role in textile sectors. Research limitations: This study restricts by fewer digit of determinantslinked corporategovernance and data gathered from 2005 to 2014 were addressed, which restrictions the overview of the result. Further research can be conduct by using more variables and more years for finding more in future. Originality: This study shows that the firm’s performance has increased by using corporate governance in textile sector firms.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The company goal is to maximize the shareholders’ prosperity, not just to maximize profit. The fact is that the company not only has economic responsibility but also social responsibility to the community and its environment. The purpose of this study was to analyze the effect of good corporate governance (GCG) and corporate social responsibility (CSR) on the firm value. The research sample of 15 companies was taken using purposive sampling from companies listed in the LQ-45 on the Indonesia Stock Exchange for the period of 2014-2017. This study uses panel data regression analysis with Random Effect model method. GCG is a representation of managerial ownership, institutional ownership, independent commissioner, and audit committee. The results of this study indicate that there is a significant influence between GCG and CSR on firm value simultaneously. Partially, independent Commissioners and CSR each have an influence on the firm value, but there is an anomaly.
IPO underpricing analysis in Indonesia during 2012-2016edwin hutauruk
ANALYSIS OF FACTORS AFFECTING THE UNDERPRICING OF INITIAL PUBLIC OFFERING (IPO) SECTOR SERVICES / NON-MANUFACTURING IN INDONESIA STOCK EXCHANGE PERIOD 2012-2016
1. International
Journal of
Management
& Organizational
Studies
Volume 3, Issue 4, December, 2014 ISSN: 2305-2600
Copyrights 2014, Society of Management and Human Resource Development
Review of Dividend Policy and its Impact on
Shareholders Wealth
Rimza Sarwar and Nadia Naseem
_____________________________________________________________________________________________
Author(s) Biography
Rimza Sarwar is MS Scholar at National University of
Modern Languages Islamabad (Fsd. Campus).
Nadia Naseem is MS Scholar at National University of
Modern Languages Islamabad (Fsd. Campus).
ABSTRACT: This paper reviews the literature for
studying the impact of dividend policy on shareholder’s
wealth. For the measurement of the impact of dividend
policy on shareholders wealth researchers have used
different, methodologies like regression method,
stepwise regression model, least square regression
analysis, coefficient of determination, R square,
descriptive statistics, multiple regression, and
correlation. Data collected in these papers was
secondary nature in general. In most papers dividend
per share (DPS) and retained earnings (RE) are used as
independent variables and market price per share
(MPS)is taken as dependent variable. Relationship of
dividend policy and firm’s profitability has significant
impact on value of shareholder, according to the
findings of most of the studies. Some researchers find
dividend policy relevant, while some find irrelevant to
shareholder’s wealth. Most of the firms depend upon
dividend policy to show their positive performance.
Some firms don’t rely on single dividend policy.
Keywords: Dividend policy, Shareholder’s wealth,
Share price, Birds in the hand theory, Signaling theory,
Agency theory, Relevance and Irrelevance.
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